A greater integration amongst developers within the real estate sector and support extended by government has also led to an increase in demand in residential, official and retail space, which in turn is fuelling the real estate industry.

Continuing with the reform agenda the government is also planning to give the much-awaited industry status, which is likely give impetus to the real estate sector. Real estate sector is the second largest employer in the country; it also supports industries like steel and cement; hence according industry-status will improve funding and transparency, giving it a further boost.

A marked difference can be seen from last year when around the same time a sense of insecurity and fear amongst buyers had nearly grounded the real estate sector. With the resumption of work, homebuyers are finally breathing easy. As for the builder community, the numerous luxurious and affordable projects being offered around the festive season is testimony of the growing faith amongst the stakeholders as well as an indication of increase in demand.

Credai initiative

Riding high on the current festive flavour, the Credai NCR, an apex body for developers and builders, recently hosted a property show at Pragati Maidan to provide a platform for end users and investors to familiarize themselves with the current realty scenario.

The conference also addressed the need to resolve consumer grievances and means needed to translate investor protection into a mechanism. In order to safeguard consumer interest, Credai NCR has set up a consumer redressal forum, which allows an aggrieved buyer to register a complaint and raise voice against any breach of contract or malpractice. The decision, which is a part of Credai NCR's mission to usher in transparency in the sector, recognizes that no industry can function in the long term without accountability.Â Commercial segment

After the approval of retail FDI in realty market, demand and supply for commercial projects has risen. According to a report, about 5 million sq ft of office space was completed in the third quarter of 2012, compared to around 9 million sq ft in the previous quarter, although a bulk of the new supply has been limited to the NCR market. Demand for commercial projects like office space has also increased. The Delhi NCR region itself accounted for almost 36% of the entire supply that came on stream, with a bulk of it concentrated in Gurgaon. Hines, an international realty player, in partnership with DLF Ltd, India's largest realty player, is building an international-quality , highrise office tower, One Horizon Center, with Hines taking the lead development role.

Located on Golf Course Road, One Horizon Center will be a premier office address in Gurgaon. Its location and advanced design will attract the top-notch tenants. One Horizon Center has been designed by Robert A M Stern Architects of New York. The project will include 8,20,000 square feet of office and 60,000 square feet of retail space and four levels of underground parking . The project is scheduled for completion in 2013.

Yash Gupta, country head of Hines, says: "The project has been created keeping in mind the needs of the world's most sophisticated businesses. Adding to its stature as an international office address, One Horizon Center will be an iconic architectural centrepiece of a prominent new mixed-use development. A four-level belowground parking facility increases the overall pedestrian experience and provides ample space for tenants and visitors. A variety of carefully chosen retail amenities will enhance One Horizon Center's distinction as a sophisticated and convenient, multipurpose business environment in the NCR."